Topic 2 of 2 · Form 1
Business ideas and opportunities
Personal skills and hobbies, problems in the community, gaps in the market, changing lifestyles and technology, local resources, and trends seen elsewhere.
Notes for this topic 1 file, in order
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Sources of business ideas
Personal skills and hobbies, problems in the community, gaps in the market, changing lifestyles and technology, local resources, and trends seen elsewhere.
From idea to opportunity
A business idea becomes an opportunity when there is enough demand, people can afford it, resources are available, and it can make a profit.
Screening ideas
- Brainstorm many ideas.
- Assess each using criteria such as demand, start-up cost, skills needed, competition, risk and legality.
- Score and rank them; choose the most promising.
SWOT analysis
- Strengths and weaknesses: internal (your skills, capital, location).
- Opportunities and threats: external (a new school nearby, a competitor opening, price changes).
Worked example: Do a short SWOT for a school tuck shop.
Strengths: captive market of learners, low rent.
Weaknesses: limited capital, only open in term time.
Opportunities: sell snacks at sports days.
Threats: vendors at the gate, rising prices of supplies.
Market research
Find out what customers want using questionnaires, interviews, observation and checking competitors' prices.
Check yourself
- Give three sources of business ideas.
- Which parts of SWOT are external?
- Name two methods of market research.
Show answers
- Any three: skills/hobbies, community problems, market gaps, local resources, trends, technology.
- Opportunities and threats.
- Any two: questionnaires, interviews, observation, studying competitors.
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